Britain’s financial regulator has banned the major crypto exchange Binance from conducting regulated activity in the country.
In a statement on Saturday, the Financial Conduct Authority said that Binance Markets Limited “is not permitted to undertake any regulated activity in the UK.”
“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct a regulated activity in the UK,” the regulator added.
Binance has until June 30 to confirm that it’s honoring the FCA’s demands, reported Financial Times.
According to the report, in the past, it said it took regulatory obligations “very seriously” and was “committed” to honouring the rules wherever it operated.
Binance is one of the largest crypto exchanges on the planet, with locations worldwide and an industry-leading trading volume of about $2.46 trillion as of May 2021.
The FCA’s crackdown could not only limit trading in a major market but hurt the company’s reputation. It’s not clear how easily Binance can address its situation, but it’s under more than a little pressure to act quickly.
However, Binance told Engadget this shouldn’t have a direct effect on activity through its main website.
Binance Markets Limited is legally separate and has “not yet launched” its UK business, the company said.